Allowed

State Bank of India v. Pankaj Pandey

DRT29 May 2026TA/1977/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by State Bank of India against a builder and borrower for recovery of a home loan default. The court held the builder liable to pay as the borrower had not received possession and paying again would amount to double penalty.

What did the court decide?

Respondent no. 2 (builder) directed to pay Rs. 38,53,348 with cost and interest within 30 days or face recovery through sale of mortgaged property and assets.

State Bank of India versus Pankaj Pandey — Maintenance and Alimony | DRT (2026)

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Before SUSHIL^{KUMARRASTOGI, Presiding Officer} Debts Recovery^{Tribunal-Il,Delhi}

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TA No. L977^{OF 2023} STATEBANKoFINDIAvsMR.PANI(AIPANDEY&oRs

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Reserued on'.^27.04'2026

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Pronounced^{on : 29.05'2026}

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State Bank^{of India}

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-^{Applicant bank}

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Vs.

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Mr. Pankaj^PandeY

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M/s^{TDI InfracorP (India) Ltd}

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Defendants

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Present:

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Mr. Shiv^{KTyagi, Counselfor applict{} !?t' Defendants^{are exparte, since, 24'07 '2024'}

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FINAL ORDER

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This original^{application has been filed by the} applicant^{bank, on 24.09'202t through Sh' Sujeet} Kumar,^{Chief Manager and Principal Officer of the} applicant^{bank, under Section t9 of the RDB Act' 1993} against^{the defendantsfor recovery of a sum of} Rs.38,53 ,3481-^{together with cost' charges and} pendentellite^{and future interest @10.95olofrom date of} filing of this^{O.A. till the realizationin full'}

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2.Thebrieffactsofthecasearethatattherequest of the^{defendantno.1, the applicant bank sanctioneda} Home^{Loan Facility of Rs'40,00,000/- under MC-SBI HL} SAL(oTt{)APR1BforthepurchaseofFlatNo.T-7l0902, onNinthFloor,TowerT-T,LakeSideHeights'situated in TDI^{lake Grove city, Kundli,sonepat Haryana' from} defendantno.2/builder,videarrangementletterdated 30.0t.2019.ATripartiteagreementdated30.01.20L9 was also^{executed be!ryq the defendants and the} e>\

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TA NO. 1977 of 2023

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applicant bank.^{In order to secure the above said} housing loan facility,^{the defendantno.1 offeredto} mortgage the aforesaid^{propefi. The defendant no.1} has executed all^{necessary loaning documents on} 30.01.2019. The^{applicant bank after execution of the} above detailed^{documents released the sanctioned} amount directly^{in favourof the defendant no.1 against} their demands^{in respect of the aforesaidpropefty'}

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It is^{further submittedthat the defendants} enjoyed and utilized^{the Loan facility, but failed to} maintain the^{financiat discipline and failed to repay the} due amounts.^{The applicant bank requested the} defendants to^{regularize the loan account by visits and} letters, but there^{was no response from the defendants'} Hence, the account^{was classified as NPA on} 24.06.202L. Therefore,^{the applicantbank serued a} demand legal^{notice datedL9.07 .202L to the} defendants,^{demandingthe amount due as on that} date, but^{failed to recoverthe same.Thus,the present} o.A.rr.A.^{is preferred by the applicant bank to recover} its dues.

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on notice^{by this Tribunal, defendantsfailed to} put appearance at all,^{despiteseruice.Accordingly,the} defendants^{were proceededagainst exparteon} 24.07.2024.

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The applicant^{bank has filed their respective} evidence.

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Heard^{the Ld. counsels of both the pafties and} perused the records.^{From perusalof the record, it is} clear that at^{the time of executing loan documentsthe} applicant bank^{has enteE_dlltoa Tripartite Agreement}

TA NO. 1977 of 2023

with the builder along with the borrowers. Para 4 of the Tripaftite agreement is as follows:^-

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*4. That in the event of the Builder cancelling the said booking for any default committed by the^Borower(s) or the p@ect is shelved by the^Builder or^{for any other} reason whaBoever, the Builder shall^{pay the entire} amount receivd on behalf of the^{Borower(s) to the} SBI. However, the builder/developer^shall fu^{entitled to} recover cancellation and/or any other^{charges, if any} payable by the Borower under the terms of application form for^purchase of the said flat and/or^{agreement to} sell/construction out of the BoTowerb^{contributiononly} in the instance where the Botower^{has cancelled the} booking of the flat or^{has committed any default.'}

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As per conditions contained^{in the Tripartite} Agreement dated 30.01.2019 at^{para no.4, in case of} default by the borrower^{the amount which has been} paid by the borrower to the builder has to be^returned to the bank. In the^{present case the borrower has made} default in repayment of the^{EMIs and therefore,as per} condition agreed between^{the parties, the builder is} under obligation to^{returnthe entire amountwhich he} has received from the borrower^{or from the applicant} bank in lieu of the^{payment of the constructionof the} flat. Moreover, from the^{perusal of the entire facts it is} apparent that the borrower^{has taken the loan and the} loan amount has been^paid to^{the builderfor} construction of the flat.^{The applicant bank has not} claimed that the builder^{in violation of the terms and} conditions has handed over^{the flat to the defendant} no.1. The borrower has not^{taken any amountin his} account and the entire amount^{has been paid to the} builder. In addition to^{this the borrowerhas also paid}

TA NO. 1977 of 2023

the margin money to the builder and also^paid ceftain EMIs as mentioned by the applicant bank.^The borrower has not got the^possession of the flat. If^the borrower is directed to^pay the amount^{which has been} actually^paid to the builder this will amount^double penalty on the borrower. The borrower has received no money and has still^paid the margin^{moneyand also} certain EMIs to the bank and has^{got in return nothing.} In such circumstances and as^per agreed^{terms and} conditions it is only the builder^{who is liable to pay the} defaulted amount to the applicant^bank.

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In the light of the above discussions,^{the present T.A.} deseryes to be allowed against^{the defendant no. 2.}

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ORDER

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I hereby allow this T.A. of the^{applicant bank and} direct the defendant^{no. 2} to^{pay to the applicant bank} within 30 days from today, a^{sum of Rs.38,53,3481'} along with cost, expenses and^interest @^{8.95olo from} the date of filing of this o.A.^{whichhas become T.A till} the date of realization.

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In case of failure to^{depositthe above amount} within the stiputated^{period, the same shall be} recovered from the sale of the^{mortgaged propefi Flat} No. T-20902, orr Ninth^{Floor, Tower T-7, LakeSide} Heights, situated in TDI^{Lake Grove City, Kundli,} sonepat Haryana. In^{case of short fall, the same shall} be recovered from the^{sale of personal movableand} immovable assets^qf the-Qgfendant^{no. 2.}

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TA NO. 1977 of 2023 5

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Recovery Certificate be issued forthwith and be sent to Recovery Officer, Debts Recovery Tribuna!-Il, Delhi.

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The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the^pafties.

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Parties are directed to appear before the Ld. Recovery Officer, DRT-II, Delhi on 29.07.2026. Pending IAs, if any, stand disposed of.

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File be consigned to records.

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9"X

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Date :29.05.2026

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(susHIL KU MAR RASfOGT) PRESIDING OFFICER DRT-II, De|hi

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This^judgement has been signed, dated and .,---# 4 pronounced in open court. gA\ \

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Date :29.05.2026

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(susHrL KUMAR {AsOCr) PRESIDING OFFICER DRT-II, Delhi

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State Bank of India v. Pankaj Pandey

Case brief

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State Bank of India v. Pankaj Pandey

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